Asia ex-Japan Morning Research Summary Morning Notes Asian Daily What is running with the Southbound herd Fast expansion in overseas, but largely reflected in current price. Upside is limited ‘Copper-light’ Ultra High Voltage projects to drive spending growth Q1 15 Power generation +25% YoY largely in line; Reiterate BUY ASEAN Equity Strategy：1Q15 ASEAN quarterly review Global Economic Weekly：Fed Minutes Raise Rate Hike Expectations, US Dollar Rebounds Strongly China’s Economy Weekly：Downward Economic Pressure Continues, Demand Recovery Unstable